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Corporate AI could undermine Web3 and decentralization — Industry observers

Artificial intelligence could deliver a fatal blow to the dream of Web3.

Artificial intelligence (AI) has the potential to usher in a new era of tools and technologies that will benefit people and their communities, creating new economic opportunities and accelerating creativity and innovation. 

It also has the potential to do the opposite, building walls around closed-loop systems that strengthen existing corporate interests, eventually shutting out Web3 forever.

Chris Donovan, chief operating officer of Near Foundation, the governing body of the blockchain abstraction protocol, Near Protocol, told Cointelegraph what is troubling him and his fellow colleagues.

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XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

Full decentralization will happen in a few years — Layer-2 rollup teams

Several layer-2 rollup teams, including those for Linea, zkSync, Arbitrum and Optimism, claimed that full decentralization is coming soon.

Full decentralization of Ethereum layer 2s will happen in a few years, multiple teams told Cointelegraph in June.

The goal of decentralization has been held back by a variety of factors, including a desire to implement user experience and security improvements. However, progress is now being made toward decentralizing these networks, and “Stage 2” will be reached soon, the teams claimed.

The concept of “Stage 2 decentralization” refers to the final stage of Ethereum founder Vitalik Buterin’s list of layer-2 decentralization milestones. It is also called “full decentralization,” as it would theoretically make censorship nearly impossible to perform on the networks.

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XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

HectorDAO files for Chapter 15 bankruptcy in the US

The decentralized autonomous organization was first impacted by the collapse of the Terra ecosystem in 2022 and suffered $16.4 million in losses.

HectorDAO, a decentralized autonomous organization, has filed for Chapter 15 bankruptcy in the United States following a series of market collapses and hacks that drained the community of funds.

According to the June 17 filing from Interpath Advisory, a court-appointed firm specializing in bankruptcy stewardship and reorganization, HectorDAO’s current financial condition is mainly due to three factors: the collapse of the Terra network in May 2022, the collapse of the Multichain protocol, and a hack impacting the Hector treasury.

In the filing, Interpath Advisory noted that it was still investigating whether the January 16 hack, which resulted in $2.7 million in funds being drained from HectorDAO, was an inside job committed by former managers of the DAO’s treasury.

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XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

Perpetual futures on Telegram: Storm Trade joins Cointelegraph Accelerator

Storm Trade, a DEX that enables users to trade perpetual futures across various assets, joins the Cointelegraph Accelerator program.

Cointelegraph has announced that Storm Trade, a decentralized exchange that enables users to trade perpetual futures across various assets, has joined the Cointelegraph Accelerator program.

Decentralized exchanges (DEXs) enable direct peer-to-peer trading by eliminating the need for centralized structures. However, DEXs still face significant hurdles that prevent widespread adoption, such as ease of use and onboarding.

Unlike centralized exchanges that offer user-friendly interfaces, DEXs have a long learning curve for newcomers as they leave wallet integration, private key management and asset security up to the user.

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XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

Chainlink co-founder notes importance of oracle networks following NYSE glitch

Sergey Nazarov explained how Chainlink could remedy centralized points of failure inherent in centralized information processing systems.

Following a glitch responsible for dropping the listed price of several securities listed on the New York Stock Exchange by up to 99.9%, Chainlink (LINK) co-founder and CEO Sergey Nazarov chimed in and reminded the public that legacy financial systems are prone to critical vulnerabilities as a result of their highly centralized architecture.

In a statement to Cointelegraph, Nazarov explained how Chainlink's oracle network could provide a solution to the vulnerabilities inherent in centralized systems:

"Decentralized oracle networks, which were invented by Chainlink, can mitigate these risks by providing accurate, tamper-proof data. These networks aggregate data from various sources and use consensus mechanisms to validate information, ensuring data integrity and preventing erroneous trades and price manipulations."

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XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

MotoGP’s Gresini racing goes crypto with new fan sponsorship program

MotoGP race team Gresini Racing is embracing elements of decentralized ownership through a new program allowing fans to purchase personal team sponsorship packages.

Gresini Racing has partnered with MotoGP Guru and Animoca Brands’ subsidiary SPORTPASS to launch a fan-powered motorsport sponsorship program. The initiative will enable MotoGP fans to purchase personal team sponsorship packages starting at 125 euro.

Speaking with Cointelegraph, Graeme Warring, the Founder of WePlay Media, discussed the biggest challenge to rolling out the fan-accessible MotoGP sponsorship packages:

According to Warring, WePlay Media, the gaming studio behind MotoGP Guru, has developed the necessary organizational infrastructure and on-the-ground teams to "put 'Life' into IRL experiences.” 

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XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

RWA Protocol Blocksquare Announces $100 Million Tokenization of Real Estate Assets

RWA Protocol Blocksquare Announces 0 Million Tokenization of Real Estate AssetsBlocksquare, a real estate tokenization protocol, has announced that it has tokenized $100 million in properties across various sectors. The team believes this marks a significant advancement in the digital real estate market, facilitated by the launch of their new decentralized finance (defi) platform, Oceanpoint v0.5. From Hotels to Healthcare: Blocksquare Tokenizes $100 Million in […]

XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

Solana eyes 2025 for Firedancer rollout as DePIN activity surges

With DePIN activity surging, Solana targets Firedancer upgrade to enhance network performance and accommodate growth.

Solana plans to release a full version of the Firedancer upgrade in 2025, with “pared-down versions” rolling out before then, according to Solana Foundation’s DePIN lead, Kuleen Nimkar.

The upgrade aims to increase Solana’s overall reliability and scalability as network activity from decentralized infrastructure protocols continues to grow. “We’re seeing a ton of up-and-coming deep-end projects that are doing everything,” Kuleen said of DePIN activity at DEFICON on May 23.

DePIN, or decentralized physical infrastructure networks, refers to the use of blockchain to manage and operate physical infrastructure systems.

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XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

Vitalik Buterin Outlines Improvements for Ethereum’s Decentralized Future

Vitalik Buterin Outlines Improvements for Ethereum’s Decentralized FutureEthereum co-founder Vitalik Buterin has proposed several enhancements aimed at improving the network’s permissionlessness and decentralization. The proposed changes focus on tackling issues such as miner extractable value (MEV), hardware requirements, and staking dynamics. Ethereum Co-Founder Proposes Enhancements to Boost Ethereum’s Decentralization Vitalik Buterin, Ethereum co-founder, recently shared his vision for the future of Ethereum’s […]

XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory

Binance-backed pSTAKE Finance launches Bitcoin liquid staking solution

pSTAKE is among the most recent protocols making Bitcoin a yield-generating asset with more capital efficiency.

Binance Labs-backed liquid staking protocol pStAKE Finance has unveiled its liquid staking solution for Bitcoin in the latest development for Bitcoin-native decentralized finance (DeFi).

pSTAKE Finance’s solution, built on top of Babylon’s Bitcoin staking protocol, aims to simplify the Bitcoin staking process and offer additional yield generation opportunities for Bitcoin (BTC) holders.

The protocol decided to build Bitcoin-based staking solutions from a fundamental belief in the world’s oldest cryptocurrency, aiming to make it a yield-generating asset, according to Mikhil Pandey, the co-founder and chief strategy officer of pSTAKE Finance.

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XRP Market Update: A Symphony of Bearish Signals Amplifies Downward Trajectory